Advice on How To Save Money

Updated on March 24, 2011

Saving money can be both challenging and rewarding. Creating
a budget and monitoring your expenses can give you greater financial security
and reduce stress. Having some money saved for the future can prepare you for
unexpected expenses and give you more freedom to take vacations, make large
purchases, and support your family. Here are some tips for saving money.

How To Stage a Home For SaleSelling your home is one of the most stressful things you will ever do. The quicker you sell it the better. Heres how to stage your home to make it the most attractive and easiest to buy for...

How to Teach Kids About MoneyThe sooner you teach kids about money the better. The way we spend money says a lot about our values. Kids are learning by our actions even when we don't say a word, so you may as well tackle the subject...

1. Make a budget.

Make a budget to meet each month. The budget should have
categories of your expenses—such as food, rent or mortgage payments,
car/gasoline, and entertainment. If you are unsure of how much to budget for
each category, track your expenses for a month to see how much you currently
spend and then budget for a bit less. Include a budget item for miscellaneous
expenses. Part of your budget should be a certain amount you intend to save
each month.

2. Track expenses.

Once you have set a budget, stick to it. Do not spend at
will and then check the budget at the end of the month. Instead, monitor your
expenses regularly throughout the month so you can make adjustments if you are
spending too much. Home budgeting software can really help you out here. While
you can purchase software programs that will help you track expenses, there are
many free products online that will serve the purpose well.

3. Eliminate
unnecessary purchases.

Many people struggle with saving money because they tend to
buy on impulse. Thinking carefully about what you buy before you swipe the
credit card can help. When you go shopping, set a spending limit for yourself
ahead of time and make a list of what you need to buy. If you are tempted to
stray from this list, go home and think for several days about what you were
tempted to buy. This will give you time to consider whether it is worth
spending some of your budget on. Easy things to eliminate from your budget are
items from vending machines, movies at the theatre (use Netflix instead), and
brand name cleaning products (generic brands work just as well for a fraction
of the cost).

4. Subscribe to
frugal living newsletters.

There are many newsletters out there that offer regular tips
on saving money. A simple Internet search will return thousands of results.
Choose a few frugal living newsletters to subscribe to in order to get regular
tips to help you save and meet your monthly budget.